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The new chancellor Jeremy Hunt has reversed almost all of the tax measures set out in the growth plan that have not been legislated for in parliament:
- The planned reduction in the basic rate of income tax to 19% from April 2023 has been put on hold indefinitely. The government aims to proceed with the cut in due course but says this will only take place when economic conditions allow for it and a change is affordable.
- The cut to dividends tax is cancelled. The 1.25 percentage points increase which took effect in April 2022 will now remain in place.
- The 2017 and 2021 reforms to the off-payroll working rules from April 2023 will remain in place.
- A new VAT-free shopping scheme for non-UK visitors to Great Britain will not go ahead.
- The freeze on alcohol duty rates will be scrapped.
Further the energy...
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